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OIL: WTI-Brent Spread Could Widen on Stock Build at Cushing: Sparta

OIL

The Nymex WTI to ICE Brent spread may widen in the short term amid a potential build in inventories at Cushing, according to Sparta Commodities cited by Bloomberg.

  • Maintenance at one of the largest crude pipelines in the US, the Exxon Mobil-operated Wink-to-Webster, may lead to inventory builds.
  • The 1.5mb/d Wink-to-Webster pipeline has scheduled maintenance on June 1-10 and accounts for about 55% of the overall Permian-to-Houston pipeline capacity, according to RBN Energy.
  • Cushing stocks built by approximately 2mbbl to 35.4mbbl in May but are still below levels seen this time last year. USGC inventories are at the highest seasonal level since 2021.
  • The WTI discount to ICE Brent widened to around $4.65/bbl earlier today from around 4.25/bbl on June 3.
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